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Retirement tax questions
I agree with @NCperson. You must have answered a question wrong somewhere along the line. Income from 1099-MISC box 3 does not normally go on Schedule C.
Here's how to enter a 1099-MISC with income in box 3 in TurboTax so that it's reported as "other income" instead of as business income. It will be reported on Schedule 1 line 8z with the description "Other Income from box 3 of 1099-Misc."
After you enter the information from the 1099-MISC form and click Continue, TurboTax will ask a series of questions about the 1099-MISC income. Answer as follows, even if some of the answers aren't true.
- "Describe the reason for this 1099-MISC." - It doesn't matter what you enter. Enter a short description such as "Retirement benefit." Click Continue. You will see this description used in some of the subsequent questions, but it will not appear on your tax return.
- "Does one of these uncommon situations apply?" - Select the last choice, "None of these apply," and click Continue.
- "Did the Retirement benefit involve work that's like your main job?" - Select No and click Continue.
- "How often did you get income for Retirement benefit?" - "I got it in 2024" will already be checked. Do not check any of the other boxes. Just click Continue.
- "Did the Retirement benefit involve an intent to earn money?" - Select No and click Continue.
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